About
Shanthi Gears Limited designs, manufactures, supplies, and services gears and gear boxes in India, the United States, Europe, and internationally. The company provides helical and bevel helical, worm, extruder, and cooling tower gear boxes, planetary gear boxes, as well as geared motors. It also offers gears and pinions; special gearboxes; and iron, grey iron castings, phosphor bronze, aluminum bronze, leaded bronze, and copper alloy castings. In addition, the company provides installation support, refurbishment, and on-site services. Its products are used in steel, cement, sugar, crane and material handling, power, paper, rubber and plastics, off-highway and mining, process, compressor, railway, textile, and aerospace applications. The company was founded in 1960 and is based in Coimbatore, India. Shanthi Gears Limited operates as a subsidiary of Tube Investments of India Limited.
Key Metrics
as of Sep 2026Market Cap4,770 Cr
P/E70.80
Div Yield0.80 %
Book Value₹57.40
52w High₹638.00
52w Low₹384.00
Face Value₹1.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 115.49 | 135.10 | 116.82 | 131.91 | 134.89 | 153.21 | 157.51 | 155.08 | 138.82 | 153.64 | 125.54 | 135.42 | 121.45 |
| Expenses | 100.31 | 111.21 | 93.83 | 105.39 | 104.38 | 122.24 | 122.56 | 120.92 | 110.17 | 127.03 | 102.19 | 106.69 | 98.35 |
| Operating Profit | 15.18 | 23.89 | 22.99 | 26.52 | 30.51 | 30.97 | 34.95 | 34.16 | 28.65 | 26.61 | 23.35 | 28.73 | 23.10 |
| OPM % | 13.14 | 17.68 | 19.68 | 20.10 | 22.62 | 20.21 | 22.19 | 22.03 | 20.64 | 17.32 | 18.60 | 21.22 | 19.02 |
| Other Income | 4.16 | 2.63 | 2.51 | 5.94 | 3.77 | 4.01 | 3.89 | 3.37 | 3.39 | 9.52 | 3.61 | 3.94 | 3.99 |
| Depreciation | 5.06 | 4.71 | 3.91 | 3.78 | 3.66 | 3.57 | 3.41 | 3.23 | 3.09 | 4.22 | 3.01 | 3.01 | 2.97 |
| Interest | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 14.17 | 21.81 | 21.59 | 28.68 | 30.62 | 31.41 | 35.43 | 34.30 | 28.95 | 31.91 | 23.95 | 29.66 | 24.12 |
| Tax % | 30.49 | 25.40 | 25.01 | 25.00 | 25.90 | 28.49 | 25.83 | 25.28 | 25.18 | 19.52 | 27.22 | 29.13 | 24.88 |
| Net Profit | 9.85 | 16.27 | 16.19 | 21.51 | 22.69 | 22.46 | 26.28 | 25.63 | 21.66 | 25.68 | 17.43 | 21.02 | 18.12 |
| EPS in Rs | 1.28 | 2.12 | 2.11 | 2.80 | 2.96 | 2.93 | 3.43 | 3.34 | 2.82 | 3.35 | 2.27 | 2.74 | 2.36 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 519.00 | 605.00 | 536.00 | 446.00 | 337.00 | 216.00 | 242.00 | 242.00 | 214.00 | 183.00 | 164.00 | 155.00 |
| Expenses | 414.00 | 475.00 | 434.00 | 355.00 | 277.00 | 189.00 | 208.00 | 200.00 | 177.00 | 147.00 | 134.00 | 136.00 |
| Operating Profit | 104.00 | 129.00 | 102.00 | 90.00 | 60.00 | 27.00 | 35.00 | 41.00 | 37.00 | 36.00 | 31.00 | 18.00 |
| OPM % | 20.00 | 21.00 | 19.00 | 20.00 | 18.00 | 12.00 | 14.00 | 17.00 | 17.00 | 20.00 | 19.00 | 12.00 |
| Other Income | 15.00 | 15.00 | 21.00 | 11.00 | 9.00 | 8.00 | 7.00 | 12.00 | 12.00 | 11.00 | 9.00 | 12.00 |
| Interest | 0.00 | 0.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Depreciation | 16.00 | 13.00 | 13.00 | 11.00 | 10.00 | 9.00 | 8.00 | 11.00 | 16.00 | 18.00 | 17.00 | 17.00 |
| Profit before tax | 103.00 | 130.00 | 110.00 | 90.00 | 59.00 | 26.00 | 33.00 | 42.00 | 33.00 | 28.00 | 23.00 | 13.00 |
| Tax % | 25.00 | 26.00 | 25.00 | 26.00 | 28.00 | 23.00 | 23.00 | 21.00 | 14.00 | 21.00 | 23.00 | 29.00 |
| Net Profit | 77.00 | 96.00 | 82.00 | 67.00 | 42.00 | 20.00 | 25.00 | 33.00 | 29.00 | 23.00 | 18.00 | 9.00 |
| EPS in Rs | 9.99 | 12.52 | 10.72 | 8.74 | 5.54 | 2.63 | 3.28 | 4.08 | 3.50 | 2.75 | 2.17 | 1.14 |
| Dividend Payout % | 50.00 | 40.00 | 47.00 | 57.00 | 45.00 | 57.00 | 61.00 | 147.00 | 29.00 | 27.00 | 23.00 | 44.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 |
| Reserves | 432.00 | 395.00 | 338.00 | 295.00 | 252.00 | 229.00 | 221.00 | 294.00 | 310.00 | 298.00 | 276.00 | 263.00 |
| Borrowings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 116.00 | 101.00 | 97.00 | 75.00 | 81.00 | 88.00 | 54.00 | 51.00 | 42.00 | 41.00 | 34.00 | 36.00 |
| Total Liabilities | 556.00 | 504.00 | 443.00 | 377.00 | 341.00 | 325.00 | 283.00 | 353.00 | 360.00 | 348.00 | 318.00 | 306.00 |
| Fixed Assets | 106.00 | 79.00 | 72.00 | 70.00 | 66.00 | 74.00 | 60.00 | 59.00 | 57.00 | 65.00 | 66.00 | 82.00 |
| CWIP | 26.00 | 5.00 | 4.00 | 2.00 | 3.00 | 0.00 | 6.00 | 0.00 | 0.00 | 1.00 | 0.00 | 4.00 |
| Investments | 75.00 | 88.00 | 45.00 | 57.00 | 50.00 | 47.00 | 79.00 | 124.00 | 114.00 | 70.00 | 63.00 | 16.00 |
| Other Assets | 348.00 | 332.00 | 321.00 | 248.00 | 221.00 | 205.00 | 138.00 | 170.00 | 189.00 | 212.00 | 189.00 | 205.00 |
| Total Assets | 556.00 | 504.00 | 443.00 | 377.00 | 341.00 | 325.00 | 283.00 | 353.00 | 360.00 | 348.00 | 318.00 | 306.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 70.00 | 91.00 | 36.00 | 63.00 | 35.00 | 31.00 | 56.00 | 27.00 | 42.00 | 14.00 | 46.00 | -6.00 |
| Cash from Investing Activity | -45.00 | -38.00 | -12.00 | -26.00 | -16.00 | -18.00 | 24.00 | 40.00 | -26.00 | -13.00 | -43.00 | 10.00 |
| Cash from Financing Activity | -38.00 | -38.00 | -39.00 | -23.00 | -19.00 | -12.00 | -98.00 | -49.00 | -17.00 | 0.00 | -5.00 | -5.00 |
| Net Cash Flow | -14.00 | 14.00 | -14.00 | 14.00 | -1.00 | 1.00 | -18.00 | 18.00 | -1.00 | 1.00 | -2.00 | -1.00 |
| Free Cash Flow | 17.00 | 67.00 | 18.00 | 48.00 | 30.00 | 16.00 | 38.00 | 16.00 | 37.00 | 8.00 | 35.00 | 26.00 |
| CFO/OP % | 95.00 | 96.00 | 61.00 | 94.00 | 83.00 | 131.00 | 182.00 | 90.00 | 131.00 | 55.00 | 179.00 | 7.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 81.00 | 83.00 | 80.00 | 56.00 | 78.00 | 80.00 | 58.00 | 85.00 | 95.00 | 92.00 | 86.00 | 87.00 |
| Inventory Days | 168.00 | 103.00 | 121.00 | 113.00 | 141.00 | 275.00 | 192.00 | 237.00 | 238.00 | 397.00 | 403.00 | 371.00 |
| Days Payable | 108.00 | 80.00 | 79.00 | 73.00 | 97.00 | 193.00 | 95.00 | 105.00 | 96.00 | 132.00 | 129.00 | 134.00 |
| Cash Conversion Cycle | 142.00 | 106.00 | 123.00 | 96.00 | 122.00 | 163.00 | 154.00 | 218.00 | 237.00 | 357.00 | 359.00 | 325.00 |
| Working Capital Days | 107.00 | 88.00 | 135.00 | 56.00 | 69.00 | 87.00 | 104.00 | 135.00 | 230.00 | 317.00 | 308.00 | 180.00 |
| ROCE % | 26.00 | 35.00 | 33.00 | 32.00 | 24.00 | 11.00 | 12.00 | 13.00 | 10.00 | 10.00 | 8.00 | 5.00 |
Corporate Actions
40 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 17 Jul 2026 | 17 Jul 2026 | — | 2.00 | |
| Dividend | 29 Jan 2026 | 29 Jan 2026 | — | 3.00 | |
| Dividend | 18 Jul 2025 | 19 Jul 2025 | — | 2.00 | |
| Dividend | 07 Feb 2025 | 07 Feb 2025 | — | 3.00 | |
| Dividend | 19 Jul 2024 | — | — | 2.00 | |
| Dividend | 09 Feb 2024 | 09 Feb 2024 | — | 3.00 | |
| Dividend | 14 Jul 2023 | — | — | 2.00 | |
| Dividend | 08 Feb 2023 | 08 Feb 2023 | — | 3.00 | |
| Other | 14 Jul 2022 | — | — | — | Annual General Meeting |
| Dividend | 14 Feb 2022 | 15 Feb 2022 | — | 2.50 | |
| Other | 08 Jul 2021 | — | — | — | Annual General Meeting |
| Dividend | 22 Feb 2021 | 23 Feb 2021 | — | 1.50 | |
| Other | 09 Jul 2020 | — | — | — | Annual General Meeting |
| Dividend | 11 Mar 2020 | 12 Mar 2020 | — | 2.00 | |
| Dividend | 11 Jul 2019 | — | — | 1.00 | |
| Other | 07 Feb 2019 | 08 Feb 2019 | — | — | Buy Back of Shares |
| Other | 07 Feb 2019 | 08 Feb 2019 | — | — | Buy Back |
| Dividend | 04 Jan 2019 | 07 Jan 2019 | — | 5.00 | |
| Other | 25 Jul 2018 | — | — | — | Annual General Meeting |
| Dividend | 15 Feb 2018 | 19 Feb 2018 | — | 1.00 | |
| Dividend | 13 Jul 2017 | — | — | 0.75 | |
| Other | 14 Jul 2016 | — | — | — | Annual General Meeting |
| Dividend | 08 Feb 2016 | 09 Feb 2016 | — | 0.50 | |
| Other | 23 Jul 2015 | — | — | — | Annual General Meeting |
| Dividend | 12 Feb 2015 | 13 Feb 2015 | — | 0.50 | |
| Other | 17 Jul 2014 | — | — | — | Annual General Meeting |
| Dividend | 06 Feb 2014 | 07 Feb 2014 | — | 1.00 | |
| Dividend | 11 Jul 2013 | — | — | 0.60 | |
| Other | 11 Jul 2013 | — | — | — | Annual General Meeting / Final Dividend Re.0.60/- Per Equity Share |
| Dividend | 21 Jun 2012 | — | — | 1.00 | |
| Dividend | 02 Jun 2011 | — | — | 1.00 | |
| Dividend | 29 Jul 2010 | — | — | 0.80 | |
| Dividend | 29 Jun 2009 | — | — | 1.20 | |
| Other | 29 Jun 2009 | — | — | — | Agm/Div.Rs.1.20/-Pershare |
| Dividend | 27 Jun 2008 | — | — | 1.20 | |
| Dividend | 28 Jun 2007 | — | — | 1.00 | |
| Dividend | 29 Jun 2006 | — | — | 1.00 | |
| Dividend | 29 Jun 2005 | — | — | 0.50 | |
| Bonus | 27 Jul 2004 | 03 Aug 2004 | 1:1 | — | |
| Dividend | 02 Jul 2001 | — | — | 5.00 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update16 Sep 2025 from icra
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Rating update18 Oct 2024 from icra
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Rating update3 Oct 2024 from icra
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Rating update5 Oct 2023 from icra
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Rating update24 Jul 2023 from icra
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Rating update4 Aug 2022 from icra